music festival attendance statistics 2019north walsham police station telephone number
0000004131 00000 n They made friends with other festival fans and met them at festivals in Finland and around Europe. See Figure 2 for concert attendances per attendee type. Memphis Grizzly fans attend an NBA playoff game . As a Premium user you get access to background information and details about the release of this statistic. Antti Honkanen is Director of the Multidimensional Tourism Institute (University of Lapland). This leads to changes in motivations for participation, like in the event travel career, most probably towards social benefits and well-being. 22 No. 18 No. HW5Wx,cI& Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. ", Elevent, Share of attendees at selected leading festivals and events in Canada as of December 2019 Statista, https://www.statista.com/statistics/1139010/festival-and-events-attendance-canada/ (last visited March 01, 2023), Share of attendees at selected leading festivals and events in Canada as of December 2019 [Graph], Elevent, July 10, 2020. Clicking on the following button will update the content below. Nonetheless, its approximately two million visitors in 2019 granted it a sizable margin to the roughly 750,000 festival fans visiting Polish Pol'and'Rock festival in 2019. Four Omaha area bands were featured on a local stage at the festival: Jes Winter Band, Noah's Ark Was A . There were around 462,000 followers of the participating festivals in Facebook, whereas the total number of visits to these festivals was 564,000 [1] in 2018. Campers organized activities like football and frisbee and all kinds of drinking games (Pekka), which made socializing and getting to know each other easier. Learn more about how Statista can support your business. 0000000596 00000 n 33 No. Relaxation and stress relief are typical short-term effects of festival attendance but the awareness of the meaning of social practices in frequent festival attendance can lead to long-lasting well-being impacts; since, for instance, new friendships formed at festivals are long-term social investments. The record was verified by a . 2, pp. Overall, Mintel estimates the value of the UK music festivals and concerts market to be worth just over 2.6 billion in 2019, up from 2.46 billion in 2018. Business Solutions including all features. The music festival attendance in France has strongly increased from 2017 to 2019. 7 No. Quinn, B. and Wilks, L. (2016), Linking social capital, cultural capital and heterotopia at the folk festival, Journal of Comparative Research in Anthropology and Sociology, Vol. Here's State of Play: Festivals 2019. (2015), Visitor discourses on experiences: reasons for festival success and failure, International Journal of Event and Festival Management, Vol. The most important behavioral aspect was the essence of socializing. In the U.S., over the past five years consumer spending on live entertainment has grown 7% annually, providing strong structural tailwinds to drive increased demand for concerts globally. Fandom, on the other hand, might be developed through increased consumption or vice versa; increased consumption and career development might emerge because of fandom (Lexhagen et al., 2019; Mackellar, 2009). 29 No. Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 600+ segments in 150+ countries, Insights on consumer attitudes and behavior worldwide, Business information on 60m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. Use is, however, only permitted with Finland is one of the leading countries in Europe in relation to the number of arts festivals and cultural events (Amberla, 2013). 1, pp. Get the best reports to understand your industry. 3, pp. Fandom entails an emotional relationship towards the object of fandom that will be called fan interest from now on. Festival fans interviewed used a considerable amount of money and leisure time for festivals, especially during summer. Source: wikimedia.org. Regarding the artistic offer, the festival field in Finland can be seen as a thriving context, when hundreds of not-for-profit and for-profit organizations produce artistic content throughout the country (Amberla, 2013). Statista offers daily infographics about trending topics, covering:Economy & Finance, Politics & Society, Tech & Media, Health & Environment, Consumer, Sports and many more. please include a backlink to the respective infographic URL. (Eds), Consumer Tribes, Elsevier, Amsterdam, pp. The other survey sample bias was towards female respondents since women tend to answer more eagerly research surveys (Smith, 2008). Lashua, B., Spracklen, K. and Long, P. (2014), Introduction to the special issue: music and tourism, Tourist Studies, Vol. Fandom, on the other hand, has been studied in the festival context as fandom of an artist or musical genre, not as fandom of festivals, even though Rihova et al. 52 No. Even though the number of interviewees was not high, the saturation point was reached, since the same practices were identified throughout the interviews. A 2019 Deloitte survey of millennialsa group that makes up at least 45% of the 32 million people who attend music festivalsfinds that most value experiences: 57% of respondents said they prioritized travel and seeing the world over owning a home. Kinnunen, M. and Haahti, A. If you are an admin, please authenticate by logging in again. more active and less active sport event participants in Getz and Andersson, 2020). The Tortuga Music Festival continues through Sunday. In terms of U.S. sales, Coachella sees patrons come from an average of 37 states. In 2019, Ed Sheeran sold about 2.5 million tickets. Share of attendees at selected leading festivals and events in Canada as of December 2019 [Graph]. To use individual functions (e.g., mark statistics as favourites, set Are you interested in testing our business solutions? 19 No. 15 No. 171 Media/Press in Attendance 492 Sessions 8,274 Conference Attendees 4,653 Public Attendees 1,202 Speakers 79,525 Square Feet Exhibit Space 161 When it comes to attendance figures for 2019, the race for the top spot has been surprisingly close. 4 SXSW 2019 EVENT STATISTICS REV9.10.19 MUSIC FESTIVAL OVERALL. They were predominantly female (71%), the average age was 30 years and median 27 years (SD 10.44). The artist fandom was demonstrated by being in the front row and taking photos of their idols. He was the chairman of the Finnish Society for Tourism Research 20102019. The final part of practices is appropriate behavior at festivals. (2012) regarding event travel career influence behavior. 1068-1079. Leisure career studies, on the other hand, concentrate heavily on sports events (Buning and Gibson, 2015; Getz and Patterson, 2013) as if career development in a hobby would require a measurable activity. The consumption of live music has increased both in Finland (OSF, 2018; Teosto, 2018) and internationally (Pitts and Burland, 2013). Nurturing a community driven by purpose, through mentoring. The main limitation of the study was the voluntary response sample used for the survey. Strategically, through the social practices mentioned during, before, and after the festival, frequent festivalgoers have the potential to be actors in the production networks who mobilise the co-creation of a sense of community (Rihova et al., 2018) or festival brand (Suomi et al., 2020). Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 600+ segments in 150+ countries, Insights on consumer attitudes and behavior worldwide, Business information on 60m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. Frequent festivalgoers' knowledge and skills development comprised planning, self-control and using accumulated knowledge about festivals. Analysing tourist experiences of Wagner's Bayreuth, ABBA's Stockholm and U2's Dublin, Tourist Studies, Vol. Max Yasgur Rented Out His Farm for Woodstock. The third spot is taken up by the Montreal International Jazz Festival. (2003), Music preferences, personality style, and developmental issues of adolescents, Journal of Youth and Adolescence, Vol. They both contain the aspect of communality: a strong sense of being a member in a like-minded community. 4, pp. (Ed.) To download a report, please enter your email below. The 1969 festival known as Woodstock took place from Aug. 15-18 in Bethel, New York, and would've been the biggest disaster in music festival history if not for the fabled musical performances and the harmonious spirit of the attendees. This rationale is called complementarity (Sandelowski et al., 2006), completeness (Bryman, 2006), knowledge-based (Hurmerinta-Peltomki and Nummela, 2006) or production of a more complete picture (Denscombe, 2008). Use Ask Statista Research Service, *Most recent figures for Isle of Wight festival are from year 2017Figures have been taken from various sources: GlastonburyDownloadReading and LeedsCreamfieldsIsle of Wight, Concert and festival attendance in the United Kingdom (UK) 2012-2019, Largest UK indoor arenas 2020, by capacity, Music industry employment in the United Kingdom (UK) 2019, by sector. Juxtaposing these concepts in the context of frequent music festival attendance helps understanding an important festival audience segment that is valuable for the festival atmosphere (Kim, 2004; Prentice and Andersen, 2003), and music tourism in general (Bolderman and Reijnders, 2017; Lashua et al., 2014). For artists, appearing at music festivals is an easier way to make money than depending on record sales or long tours, says Rishi Bahl, a musician and marketing professor at La Roche College in Pittsburgh, Pa. As record sales saw a steep decline in the early- to mid-2000s thanks to the growth of digital music, artists began depending on touring to earn money. Summerfests 2019 roster included Lionel Richie, The Killers, Jennifer Lopez, Billie Eilish, Lil Wayne, Snoop Dogg and The Nationala diverse enough group that does not rely on one genre or type of artist. 205-213. 2, pp. (2016) and Getz and Andersson (2020) defined career progression stages from introduction to mature career or lifestyle. Braun, V. and Clarke, V. (2006), Using thematic analysis in psychology, Qualitative Research in Psychology, Vol. Kaaboo. 215 respondents had no festival attendances during the previous year and were omitted from the analysis. 1, pp. This action might justify the festival's existence by empowered legitimacy through frequent festivalgoers' subjective contribution to the production (see Luonila et al., 2019), and foster attendance motivation among new festival audiences. Larsen et al. The "Big Day Out" music festival, for instance, was attended by more than 300,000 . Everybody is doing it.. A paid subscription is required for full access. and Moital, M. (2018), Customer-to-customer co-creation practices in tourism: lessons from customer-dominant logic, Tourism Management, Vol. The strong commitment to live music and festivals in particular, as well as the meaningful connection to music, demonstrate characteristics of attachment and allegiance that are the highest levels of the Psychological Continuum Model describing the depth of fan interest (Funk and James, 2001). They used to be more of a communion of culture, says Carlos Chirinos, a professor of clinical music and global health at New York University. Chirinos says that through help from large music conglomerates, festivals like Coachella and Bonnaroo have become akin to household brand names. 14 No. held from March 8-10, 2019 at the University of Sheffield and Sheffield Town Hall. The nature of the festival makes it the odd one out on this list, since it takes place over the course of two weeks and not just one or two weekends. Chart. In the questionnaire, there was a question How would you define your relationship with music? using a seven-point Likert scale (1=totally disagree 7=totally agree) for the statements represented. 211-226. There were three female interviewees (Sofia, Nina, Maria) who were fans of a certain artist or a band, and followed them at festivals but typically only inside Finland: Next Friday we'll attend I think it's the 90th gig of Stam1na [] The aim is that next year I'll reach 100 gigs because it will be ten years since I saw them for the first time. [2] In addition to live music, Hinterland features art, craft vendors, and camping. Getz, D. and Patterson, I. 4 No. Ultimately, a festivals success comes down to the lineup. Ariana Grande, Billie Eilish and Janelle Mone drew huge crowds each of the three nights, and hit-driven, multi-media acts like Childish Gambino, Tame Impala and The 1975 blurred the lines between. 172-185. 1, pp. Show publisher information Smith, W.G. (2008), Does Gender Influence Online Survey Participation? Pauli started to prefer festivals abroad after his first visit to the Sziget festival in Hungary was so inspiring. Dec 2020 - Jun 20221 year 7 months. Hill, R.L. The origins of music festivals date back to ancient Greece, where such events often involved competitions in music, arts and sports. (2015), What's my scene: festival fandom and the application of the big day out stage, in Creswell-Jones, A. and Bennett, R.J. (Eds), The Digital Evolution of Live Music, Chandos Publishing, Amsterdam, pp. (Mean ratings on a 0-4 scale, where 0 = Experienced the benefit . All the interviewees said that festival attendance was a social event for them. (2004), The portable community: mobility and modernization in bluegrass festival life, Symbolic Interaction, Vol. 163-173. 10 No. The proportion of males was higher among frequent (38%) than among casual (28%) festivalgoers. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. The findings indicate frequent festivalgoers' internal and external role in festival productions. 64-83. Within the last decade, music festivals have grown into a major moneymaker in a competitive industry that sees hundreds of such events each year in the U.S. Amberla, K. (2013), Festivals in Finland, in Ngrier, E., Bonet, L. and Gurin, M. (Eds), Music Festivals, a Changing World, Michel de Maule, Paris, pp. We cover all genres of music. Business Solutions including all features. Awareness and attraction describe a casual spectator whereas attachment and allegiance are more related to fandom. Statista. and Chancellor, H.C. (2009), Examining the festival attributes that impact visitor experience, satisfaction and re-visit intention, Journal of Vacation Marketing, Vol. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Worldwide music tour gross revenues 2011-2020, Number of music tour tickets sold worldwide 2011-2020, Leading music promoters worldwide 2020, by number of tickets sold, Highest grossing music tour each year in North America 2000-2021, Music industry revenue worldwide from 2012 to 2023 (in billion U.S. dollars), Music tour gross revenues from 2011 to 2020 worldwide (in billion U.S. dollars), Most successful music tours worldwide 2021, Most successful music tours worldwide in 2021, based on average gross revenue per show (in million U.S. dollars), Highest grossing worldwide music tours of all time 2019, Most successful worldwide music tours of all time as of November 2019, based on gross revenue (in million U.S. dollars), Highest grossing festivals worldwide in 2019, Highest grossing festivals worldwide in 2019 (in million U.S. dollars), Number of music tour tickets sold from 2011 to 2020 worldwide (in millions), Average worldwide music tour admission price 2011-2019, Average ticket price for music tour concert admission from 2011 to 2019 worldwide (in U.S. dollars), Number of tickets sold for the highest grossing music festivals worldwide 2019, Number of tickets sold for the highest grossing music festivals worldwide in 2019 (in 1,000s), Leading music promoters worldwide in 2020, by number of tickets sold (in millions), The most successful music tours in North America in 2021, Most successful music tours in North America in 2021, based on gross revenue (in million U.S. dollars), Highest grossing music tour each year in North America from 2000 to 2021 (in million U.S. dollars), Most successful music tours in North America 2021, based on ticket sales, Most successful music tours in North America in 2021, based on ticket sales, Music sponsorship spending in North America 2010-2018, Music sponsorship spending in North America from 2010 to 2018 (in billion U.S. dollars), Canada: total music market revenue 2011-2020, Total music market revenue in Canada from 2011 to 2020 (in million Canadian dollars), Countries with the smallest music product sales per capita worldwide 2018, Countries with the smallest music product sales per capita worldwide in 2018 (in U.S. dollars)*, Quarterly spending of U.S. household on plays, theater, opera, and concerts 2013-2021, Average quarterly expenditure on plays, theater, opera, and concerts per consumer unit in the United States from 2013 to 2021 (in U.S. dollars), Share of parents taking children to a live music event U.S. 2018. Self-control included knowing when to drink and eat to avoid the need to go to the toilet in the middle of the best performance. 5, pp. During the pandemic . Klaic, D. (2014), Festivals in Focus: Contemporary European Case-Studies and Perspectives, Goodfellow, Oxford. In music festival fandom, knowledge was in-depth information about the favorite festival and music festivals in general, both in Finland and abroad. Getz (2007) applied the TCP approach and serious leisure conceptualization (Stebbins, 1992) to event tourism, arguing that an event career is involved when there is a frequent event visitor who desires for more, craves for uniqueness and hopes for an increasing challenge. You can only download this statistic as a Premium user. Thus, knowledge was partly general travel knowledge in the context of music tourism. (1988), The Ulysses Factor: Evaluating Visitors in Tourist Settings, Springer-Verlag, New York, NY. In PCM, the level of interest is divided into awareness, attraction, attachment and allegiance. In the country of 5.5 million citizens, the number of festivals per capita is noteworthy, Finns participate actively, and the contents of festivals represent various artistic genres (for example, music, theatre, film, dance, literature and fine arts). 3, pp. statistic alerts) please log in with your personal account. (2009), An examination of serious participants at the Australian Wintersun festival, Leisure Studies, Vol. Currently, you are using a shared account. R(W@&!I9oOf]Oz}8QP{0voy}fs' UTo/o2O.b3R16A\vdK0|}|lgb1xMpZxoKwZ0t}V`hN56TxQ`Ir@c=mC>yNbMUR;-P-cQ8+&} +0?x 8dD*>A)2Tk5dD)a$-S-v7%B[N_g:]#$)=g& '5khc'nSoZH#B|n rE"I 6iE0|E#13}Ai\s, uFzE`ba~]H~)%2#X*b34"Qtb6Eg7Z^J#C}z%J@)' g]%NJ;U?$Aj'2:%crp + (kZm>f{JOx3Cc1yXm0^521249R"+4xIDZM Luonila, M., Suomi, K. and Johansson, M. (2016), Creating a stir: the role of word of mouth in reputation management in the context of festivals, Scandinavian Journal of Hospitality and Tourism, Vol. As the motives for attendance are changing, the commitment and loyalty towards festivals increase, leading to frequent festival attendance. In this respect, since Finland has been labelled as a land of festivals, in particular music festivals (Luonila and Johansson, 2015), it makes the country a suitable context for the current study on frequent music festival attendance. This makes it easy to find new friends or bridge in Quinn and Wilks' conceptualization (2016) as social interaction with strangers is more acceptable than in the surrounding society. Interviewees pointed out that they might attend a festival alone since they knew that there were friends and acquaintances they met only at the festival in question: There are acquaintances all around Europe. "Largest Music Festivals in The United Kingdom in 2019, by Audience Capacity. non-commercial websites. 18 No. Ticketmaster / 6th June 2019 Festival Finder State of Play Reading & Leeds is the most attended festival All the attendees formed a temporary festival community that was restricted by space and time. Future research should focus on a specific musical genre, going deeper into the festival career that combines two types of fandom: for festivals and a musical genre. Vroomen, L. (2002), This Woman's Work: Kate Bush, Female Fans and Practices of Distinction, University of Warwick, Coventry. 3, pp. 2019. proper attribution to Statista. This chart shows the total attendance of the largest music festivals in the world. The present study contributes to festival career theory by showing the interconnection between festival career development and festival fandom. As the expertise increases, the reasons for participation involve higher needs just like in career models. They become something thats ingrained into the culture.. One guy has a freezer. industries; and "Economy and Society", which Then you can access your favorite statistics via the star in the header. 4, pp. (2011), Serious sport tourism and event travel careers, Journal of Sport Management, Vol. The principal part of both fandom and event career is motivation. Today we'll learn some cool facts about 10 of the largest EDM festivals in the world and rank them by their average daily attendance. to incorporate the statistic into your presentation at any time. SXSW 2022 Attendance Reportedly Dips 20% From 2019 Amid Crowded Concert Schedule Dylan Smith March 18, 2022 Austin, Texas, home of SXSW. Gardner, 2004). 6, pp. For instance, Pauli was familiar with various cashless payment methods used in festivals around Europe. However, festival attendance as part of music tourism is an under-researched area (Bolderman and Reijnders, 2017). Social practices include bonding, bridging, the sense of community and belonging (cf. 12 No. Attendance at the 2019 event, which took place Aug. 1-11 was 1,226,000, topping the previous record of 1,196,000 set in 2017. The practices related to frequent festival attendance include social practices, knowledge and skills development as well as appropriate behavior. 23 No. Because listening to music has become practically free (or subscription-based), the access is unprecedentedand makes live music that much more special, according to Chirinos. Music-related fandom has been previously investigated in relation to artists and specific musical genres, but not so much in relation to music festivals in general. 29 No. Knowledge, on the other hand, was an essential part of music fandom but it was not present in music festival fandom in the same way as in artist or genre fandom, where knowledge was tested and sometimes even a prerequisite for respect and approval from other fans (Sinclair and Dolan, 2015). Jul 2019. 2, pp. After an 18-month hiatus, concerts, festivals, sports, and other big events are expected to return to their pre-pandemic glory. But the music festivals that have achieved a cultural cache are unlikely to recede from relevance anytime soon. Kinnunen, M., Honkanen, A. and Luonila, M. (2021), "Frequent music festival attendance: festival fandom and career development", International Journal of Event and Festival Management, Vol. In the literature review, first the history of travel and event career developments is introduced, followed by the conceptualization of musical fandom. Of the 20 shows the Offspring is playing the remainder of this year, about 15 are at music festivals. Secondly, planning took place a few days before the festival by packing enough but not too much and making a schedule of the performances to be followed. 25 No. Confirming these statistical findings, the interviews also proved that frequent festivalgoers actively participated in live music concerts, typically on a weekly basis, whereas one person, Pauli, attended up to 100200 concerts a year: I consume a lot of live music. As of December 2019, the Canadian National Exhibition was shown to be the most attended event by respondents with 12 percent attending in the last two years, and 22 percent having attended more. Getz and Andersson (2010, 2020), as well as Getz and McConnell (2011), tested the event travel career model among participants of different sports events and concluded that it contained the following dimensions: motivations, travel styles, temporal and spatial dimensions, and event and destination choices. hb``` De Groot, M. and Robinson, T. (2008), Sport fan attachment and the Psychological Continuum Model: a case study of an Australian football league fan, Leisure / Loisir, Vol. ,"5g},:=S'mB3^x9Kw.OtQjY~eVn}]8%Qzo|VQ:#y|/lqSBXf~|{[ZCZFYZZzEGGPFAAAD( $@r` % @`/P*A Getz, D. and Andersson, T. (2020), Testing the event travel career trajectory in multiple participation sports, Journal of Sport and Tourism. Kim, H. (2004), Serious Leisure, Participation and Experience in Tourism: Authenticity and Ritual in a Renaissance Festival, Texas A&M University, College Station, TX. Overall, the. Simply copy the HTML code that is shown for the relevant statistic in order to integrate it. This was nearly double the capacity of Download, the second largest. Get full access to all features within our Business Solutions. Please create an employee account to be able to mark statistics as favorites. 226-237. 106, pp. Teosto (2018), Keikkakartta [Map of Gigs], Finnish Composers' Copyright Society Teosto, Helsinki, available at: https://www.teosto.fi/keikkakartta (accessed 28 August 2020). The ideal entry-level account for individual users. The 2019 edition touted as the most expensive production (organisers decline to confirm exact figures), welcomed 400,000 visitors over two weekends and featured over 1000 artists in 18 stages . 155-178. A non-profit, Newports proceeds are sent to the Newport Festivals Foundation and to charity. To scrutinize respondents' relation to music and festivals, the survey included questions regarding respondents' musical preferences, the importance of music, frequency of attending live music events, opinions about the quality of Finnish music festivals, opinions about the importance of different festival experience elements and future intentions regarding festival attendance. Its essentially kind of drowned out in many ways because everybody is picking up on this concept. Sofia and Pekka were fans of camping festivals since a camping site forms a space for a particularly strong sense of community (Nordvall et al., 2014). Does Statista also create infographics in a customized design? They were fans of a certain musical genre or artist, but most of all, they were fans of music festivals to consume and experience music. 28 No. Buning, R.J. and Gibson, H. (2015), The evolution of active-sport-event travel careers, Journal of Sport Management, Vol. Luonila, M. and Johansson, T. (2015), The role of festivals and events in the regional development of cities cases of two Finnish cities, Event Management, Vol. Please note that the code must be integrated into the HTML code (not only the text) for WordPress pages and other CMS sites. Li, X. and Petrick, J.F. (2012) concentrated on the competing priorities causing challenges in the pursuit of an event travel career, while Buning and Gibson (2015), Patterson et al. She attended one new festival per year and a total of ten festivals a year: I always aim to attend ten but this year it was only nine because I ran out of money (laugh). Festival attendance also increased fans' well-being (cf. Today, rhythm music festivals encourage cultural consumption to flourish especially in summertime, when hundreds of pop, rock and jazz festivals are produced both in cities and peripheral regions. Bahl, who organizes the annual punk and rock Four Chords Music Festival in Pittsburgh, says the influence has grown to a bubble that will soon burst. doi: 10.1080/14775085.2020.1822199. Even more surprising, this means more people go to at least one U.S. music festival each year than the number of Americans who die each year. Strategically, frequent festivalgoers should be considered as crucial stakeholders, who might mobilize the co-creation of a sense of community or festival brand. Currently, you are using a shared account. 13 No. Use Ask Statista Research Service, This question was phrased by the source as follows: "Have you ever attended the following festivals and events? Finland Festivals (2020), Festivaalien kyntimrt 2019, [Amount of festival visits 2019], available at: http://www.festivals.fi/tilastot/festivaalien-kayntimaarat-2019/ (accessed 28 August 2020). Have you ever taken your children to a live music event such as a gig or concert or music festival? As of March 2020, the exhibition and events industry had lost 14.4 billion euros (16.5 billion USD).